Our recovery rate highest among AMCs globally — AMCON to NDA

Executive Director, Asset Management Corporation of Nigeria (AMCON) Dr Eberechukwu Uneze (right) Dr S.G Joshua who led the delegation from NDA discussing a matter of interest during the visit.

By Seun Ibiyemi

The Executive Director, Asset Management Corporation of Nigeria (AMCON) Dr Eberechukwu Uneze said the fact that AMCON has so far recovered over N1.4trillion out of the total N1.76trillion it paid to acquire Eligible Bank Assets from 22 banks with total outstanding balance of N3.6trillion when AMCON was created in 2010 remains a feat never achieved by any other Asset Management Company (AMC) anywhere in the world.

Uneze who represented the MD/CEO Mr Ahmed Kuru, spoke when he received a delegation from the Nigerian Defence Academy (NDA) at AMCON Head office, Abuja. He said the recovery rate accounts for over 70 per cent achievement, which is the highest so far when placed side-by-side with other AMCs across the globe.

The delegation, which was led by Dr SG Joshua and Dr Lateef Mustapha both lecturers at the academy include about 30 young cadets of 300-level in Accounting Department of the NDA.

A release by Jude Nwauzor, Head Corporate Communications Department of AMCON said the cadets and their leaders were in AMCON on a mandatory educational field trip as demanded by both the Nigeria University Commission (NUC) and NDA. The field trip is one of those experiential engagements cadets in the academy must participate in before graduation.

The Executive Director who hosted the cadets alongside other senior officials of the Corporation, described the field trip, which he said has become an annual tradition as a welcome initiative, as it provides the Corporation the opportunity to give back to society by imparting knowledge, which will take the students steps ahead in their theoretical and practical knowledge of accounting.

During the engagement, Group Heads and Heads of Departments in the Corporation took turns to take the cadets through the day-to-day operational activities in accounting department as well as every other department in the Corporation. They were also tutored in some challenges that confront AMCON, the concept of a “bad bank,” real-life application of technical jargons including the internal audit process, bookkeeping, Corporate Services, Valuation and Insurance, Corporate Communications, Human Resource Management, Asset Sales, among others.

Other senior staff of the Corporation who were on hand to further enrich the knowledge base of the cadets include Najib Suleman, Head, Strategy, Olugbenga Ataiyero, Chief Finance Officer, Muhammad Buba, Head Internal Control, Hassan Tanko, Group Head, Operations, Iyatum Adode-Kobiti, Group Head, Corporate Services, Mamuda Shehu, Head Human Resources and Saád Ahmed, Head Inter-Governmental Relations Department, among others.